900077, and CC. 700416. Rhode Island licensed check casher. California operations licensed by the California Department of Business Oversight pursuant to the California Deferred Deposit Transaction Law and the California Financing Law. Texas and Ohio originate by a third party lender, restrictions apply.
Eastern Specialty Finance, Inc.
The scam involves impersonating legitimate lenders who offer, or sometimes guarantee, approval for a loan regardless of the borrowers credit history. However, to take advantage of the offer, the consumer must pay a fee up front. The lender then takes off with your fee and the loan never comes through. A common strategy for advanced-fee lenders is fraudulent telemarketing schemes, commonly referred to as boiler rooms.
Typically the lender specifically targets consumers who are out of work or have poor credit ratings. The lender pressures consumers into signing on to a guaranteed loan over the phone that includes advanced fee payments.
The consumer agrees to have the fees electronically debited from their account. The lender then takes the fees and the loans never arrive.
If you decide to work with a consumer credit counseling agency, make sure their goals match yours and you are not tied to a scam that can put you into a bigger financial hole. Whenever you sign a short term loan agreement, you agree upon a payment schedule. This dictates how often you will make payments and how long it will take to repay your loan. Sticking to that schedule will get your loan repaid on time, but what if you chose to pay it off sooner rather than later. You might be asking, Why should I repay my loan ahead of schedule.
One reason is to save money because you will pay less interest on the loan.